Kyrgyzstan-focused private equity fund manager Highland Capital has reached a first close for its first fund with US$15 million in capital commitments. Investors in Highland Private Equity & Mezzanine Fund include development finance institution IFC, which committed US$8 million, and high-net worth individuals Gregory Serrurier and Emil Umetaliev. The fund will make growth investments of US$800,000 to US$5 million in up to 15 Kyrgyz Republic-based small and medium-sized enterprises. The fund is targeting a final close of US$30 million by August 2019.